Question 1

Random numbers can be generated in Excel by using the formula

Accepted Answer

A) =RANDOM) 
B) =RANDO) 
C) =RAN
D)  
D) =RANDNUM) 
A) =RANDOM) 
B) =RANDO) 
C) =RAN
D)  
D) =RANDNUM) C

Question 2

In Excel in order to generate values from a cumulative probability distribution we would first cover the cells they are in with the curser and give this range of cells the name

Accepted Answer

A) =RANDO. 
B) NAME 
C) DEFINE 
D) LOOKUP 
A) =RANDO. 
B) NAME 
C) DEFINE 
D) LOOKUP D

Question 3

The name "Monte Carlo" simulation comes from the fact that

Accepted Answer

A) was first derived by Lord Kelvin who lived in Monte Carlo 
B) its first application was to study traffic patterns in Monte Carlo 
C) its basic process is the same as gambling devices found in Monte Carlo 
D) its basic process is based on the Monte Carlo Grand Prix 
A) was first derived by Lord Kelvin who lived in Monte Carlo 
B) its first application was to study traffic patterns in Monte Carlo 
C) its basic process is the same as gambling devices found in Monte Carlo 
D) its basic process is based on the Monte Carlo Grand Prix C

Question 4

Simulation is one of the best means for analyzing inventory systems in which demand is

Accepted Answer

A) known with certainty 
B) a constant 
C) a random Variable 
D) periodic 
A) known with certainty 
B) a constant 
C) a random Variable 
D) periodic

Question 5

Simulation is a popular quantitative technique because

Accepted Answer

A) it can be applied to operational problems 
B) it can be applied to problems too complex to model and solve analytically 
C) it is easy to use with the proper software 
D) it can be applied to most operational problems using Excel 
A) it can be applied to operational problems 
B) it can be applied to problems too complex to model and solve analytically 
C) it is easy to use with the proper software 
D) it can be applied to most operational problems using Excel

Question 6

A steady state result is the

Accepted Answer

A) the average of all the results of a simulation 
B) the constant average a simulation result reaches after being repeated a large number of times 
C) the average of the first 100 simulation trials 
D) the most frequent result in a simulation experiment 
A) the average of all the results of a simulation 
B) the constant average a simulation result reaches after being repeated a large number of times 
C) the average of the first 100 simulation trials 
D) the most frequent result in a simulation experiment

Random numbers can be generated in Excel by using the formula

In Excel in order to generate values from a cumulative probability distribution we would first cover the cells they are in with the curser and give this range of cells the name

The name "Monte Carlo" simulation comes from the fact that

Simulation is one of the best means for analyzing inventory systems in which demand is

Simulation is a popular quantitative technique because

A steady state result is the

Introduction to Operations and Supply Chain Management

Supplement Operational Decision-Making Tools: Decision Analysis

Quality Management

Statistical Process Control

Supplement Operational Decision-Making Tools: Acceptance Sampling

Product Design

Service Design

Processes and Technology

Capacity and Facilities

Supplement Operational Decision-Making Tools: Facility Location Models

Human Resources

Supplement Operational Decision-Making Tools: Work Measurement

Project Management

Supply Chain Management Strategy and Design

Global Supply Chain Procurement and Distribution

Supplement Operational Decision-Making Tools: Transportation and Transshipment Models

Forecasting

Inventory Management

Sales and Operations Planning

Supplement Operational Decision-Making Tools: Linear Programming

Enterprise Resource Planning

Lean Systems

Scheduling

Filters

Exam 19: Supplement Operational Decision-Making Tools: Simulation

Random numbers can be generated in Excel by using the formula

In Excel in order to generate values from a cumulative probability distribution we would first cover the cells they are in with the curser and give this range of cells the name

The name "Monte Carlo" simulation comes from the fact that

Simulation is one of the best means for analyzing inventory systems in which demand is

Simulation is a popular quantitative technique because

A steady state result is the

Introduction to Operations and Supply Chain Management

Supplement Operational Decision-Making Tools: Decision Analysis

Quality Management

Statistical Process Control

Supplement Operational Decision-Making Tools: Acceptance Sampling

Product Design

Service Design

Processes and Technology

Capacity and Facilities

Supplement Operational Decision-Making Tools: Facility Location Models

Human Resources

Supplement Operational Decision-Making Tools: Work Measurement

Project Management

Supply Chain Management Strategy and Design

Global Supply Chain Procurement and Distribution

Supplement Operational Decision-Making Tools: Transportation and Transshipment Models

Forecasting

Inventory Management

Sales and Operations Planning

Supplement Operational Decision-Making Tools: Linear Programming

Enterprise Resource Planning

Lean Systems

Scheduling

Filters